08/31/2021

SBA to Award Supplemental Shuttered-venue Grants

Invitations to apply will be sent in the next two weeks

The Small Business Administration (SBA) says awards for supplemental funds for Shuttered Venue Operators Grant (SVOG) recipients will begin going out within two weeks. As an awardee of the SVOG, you can now apply for supplemental SVOG funds to alleviate any additional financial hardships brought on by the pandemic.

The SVOG supplemental awards are for businesses that received the grant after the law passed on Dec. 27, 2020. Since that time, the SBA says more than 11,500 venues have received around $9 billion in grants. This supplemental grant is going to be available to you if you can show a 70 percent loss when comparing 2021's first-quarter revenues to the same in 2019.

You can apply for any amount up to 50 percent of the original SVOG amount. However, it does have a $10 million cap of the initial and supplemental awards combined. Additionally, you can use the supplemental funds from the grant for expenses you accumulate through June 30, 2022. Furthermore, it allows you to lengthen your budget period to 18 months from the initial grant's disbursement date.

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